Nigeria’s Total Imports Drop to 0.92% as Exports Grow 0.9%

By Modupe Gbadeyanka

A report by the National Bureau of Statistics (NBS) titled ‘Foreign Trade in Goods Statistics (Q1 2017)’ has revealed that Nigeria’s total imports dropped to 0.92 percent compared with what was achieved in Q4 2016.

According to the NBS, during the period under review, imported agricultural goods increased by 1.96 percent in Q1 2017 compared with Q4 2016, while raw materials imports were 11.3 percent lower in Q4 2016.

In addition, solid minerals imports reduced by 15.7 percent in Q1 2017 relative to Q4 2016, while manufactured goods imports were 3.3 percent lower in Q1 2017 than the level attained in Q4 2016, and other oil products imports were 6.6 percent higher in value in Q1 2017 than Q4 2016.

The stats agency also noted that the total value of export grew by 0.9 percent compared to Q4 2016 with the domestic exports further reducing by 0.17 percent in Q1 against the level in Q4, 2016, and agricultural goods exports growing in value by 82 percent in Q1 2017 compared to Q4 2016.

Furthermore, raw material exports reduced by 25 percent in Q1 2017 against the level in Q4, 2016, with solid minerals exports in Q1 2017 staying at 2 percent more than the value recorded in Q4 2016 and manufactured goods exports in Q1 2017 increasing by 45 percent in contrast to the value attained in Q4 2016.

Crude Oil exports in Q1 2017 were 2 percent lower than the value recorded in Q4 2016 and other oil products exports were 8 percent more in value in Q1 2017 compared to Q4 2016, the NBS said in its report.

However, the total trade for the period was 0.11 percent higher than the value recorded for Q4 2016.

During the period, India was Nigeria’s major export trading partner, accounting for 22.24 percent, while the United States trailed with 13.86 percent.

The third place was Spain 10.81 percent, with the Netherlands in the fourth spot at 8.32 percent, and France in the fifth place at 6.5 percent.

For the major import trading partners in Q1 2017, China claimed the top position with 16.79 percent; Belgium 14.88 percent; Netherlands 10.80 percent; United States 8.07 percent; and India 4.53 percent.